Miami investment firm accumulates BTR c

A Miami-area real estate investment firm has purchased a recently constructed community of 101 built-to-rent houses near St. Cloud from Texas-based D.R. Horton - the fourth BTR community in two years that the firm has acquired from the country's largest homebuilder.

Bayshore Investment Partners (BIP), based in Coral Gables, paid $29.4 million for the community, Ibis Park at Harmony West - slightly more than $290,000 per home for the three-, four-, and five-bedroom houses. To help BIP acquire the property, Berkadia loaned the firm $19.11 million in a five-year, fixed-rate loan with a full-term interest-only structure.

The transaction continues Berkadia's longstanding work with BIP as the firm expands its BTR portfolio. Over the last two years, BIP has also acquired three other BTR communities from D.R. Horton: Cedar Ridge at Forest Lake in Davenport; Laurel Lakes Townhomes in Seffner near Tampa; and earlier this year, Fox Glen, a 100-home community in Cocoa. Berkadia financed all four deals for a total of 339 purpose-built rental homes.

Renter demand for professionally managed build-to-rent communities continues to outpace new supply across many Florida markets, said Berkadia Managing Director Brad Williamson.